US stocks climb from big earnings reports
Wednesday, April 25, 2012
U.S. stocks climbed on April 24 due in part to a better than expected earnings report from AT and T as well as several other companies.
According to bloomberg, AT and T, the country's largest telephone company, and 3M, a multinational corporation, increased their earnings at least 1.5 percent as of 4 p.m. CST on April 24. Juniper Networks climbed 7.2 percent, beating out previous forecasting.
“Stocks have room to move higher,” David Kelly, who helps oversee about $394 billion as chief market strategist at JPMorgan Funds in New York, told the news source. “Earnings are healthy. The bar has been lowered so far that you can just walk over it. Housing is on the mend. A sign of a market top is when people are exuberant. There’s no exuberance as witnessed yesterday.”
Home sales have also affected the stock market. Recent data analysis from the Department of Housing and Urban Development and the U.S. Commerce Department revealed that sales of newly built, single-family homes dropped 7.1 percent at a seasonally adjusted annual rate in March, from an upwardly revised number recorded in February.
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